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Question
A revaluation account is operated to find out the gain or loss at the time of ______
Options
Retirement of partner
Admission of partner
Death of a partner
All of the above
MCQ
Fill in the Blanks
Solution
All of the above
Explanation:
The liabilities are also reassessed so that they are entered into the books at their correct values. There may be some unrecorded assets and liabilities of the company at times. These must also be recorded in the company's books. The Revaluation Account must be prepared for this purpose.
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Admission of a Partner - Revaluation of Assets and Liabilities
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